Good mortgage brokers in southern california?

[mixxalot]

I am looking to find the lowest possible mortgage for a new home in southern california. One broker quoted me at 8.5% interest for a no money down 100% per cent financing. I received my Ch7 BK discharge in March 2006.

Thanks
Scott

[HHM]

This really isn't the right place to troll for a specific broker recommendation.

Without more detail on the mortgage you quoted, no one here can really tell you if that is a good deal or not.

Given how recently you filed BK, my advice would be to wait...more than anything else, the passage of TIME will cure your credit. Don't make bad long term decision based on short-term desires.

[MTG_BANKER_OH]

I am looking to find the lowest possible mortgage for a new home in southern california. One broker quoted me at 8.5% interest for a no money down 100% per cent financing. I received my Ch7 BK discharge in March 2006.

Thanks
Scott

Do you know what your scores are? The rate is not all that bad, you need to look at how many points he is charging you. If you can post your Good Faith Estimate here I can see what kind of deal you are bing offered.

[mixxalot]

Waiting to buy until market correction ends

Real estate market is starting to tank in southern California so I am gonna rent for at least couple more years. My FICO is 625-700 since my BK discharge back in March of this year. If I wait 2 years it will be higher and get me the mortgage loan I want. Then hope market goes down to save cash.

Scott

[FilingOnMyOwn]

Real estate market is starting to tank in southern California so I am gonna rent for at least couple more years. My FICO is 625-700 since my BK discharge back in March of this year. If I wait 2 years it will be higher and get me the mortgage loan I want. Then hope market goes down to save cash.

Scott

Thats a good idea. Wait until people start walking away from their homes/mortgages like they did in the mid 90's, and maybe you could even get one that is bank foreclosed. You wouldn't have to feel guilty either, being they willingly just give up paying on the homes.